Canyon Resources initiates mining convention negotiations for the Minim Martap Project

The Australian listed company that is focussed on the development of the 100% owned Minim-Martap Bauxite Project, a direct shipping ore (DSO) project development opportunity in central Cameroon, Canyon Resources Limited has updated the shareholders on the progress of development on the bauxite project in Cameroon.

The Company has secured formal written notification from the Ministry of Mines in Cameroon towards the commencement of the process of the negotiation for a mining convention for the project.

However, once finalised, the Mining Convention shall spell out all the key terms of the Project between the Company and the State across all areas, including justification and scope of the project, taxes, State participation in the Project, social and environmental obligations, conditions of local employment and other key areas of agreement.

The Camalco technical team will present the technical aspects of the Project to the Ministry of Mines, the Cameroon State-owned mining company, SONAMINES as well as other relevant Government Ministries when the meetings will commence in the coming days.

Phillip Gallagher, Canyon’s Managing Director and the Company’s legal counsel will attend negotiations in Yaounde and other regional locations in Cameroon throughout November, with a final joint site visit planned for early December 2021. Following completion of negotiations and consultations, it is expected Canyon will have an agreed Mining Convention with the Ministry of Mines.

Commenting on the Mining Convention Negotiations, Canyon’s Managing Director, Mr Phillip Gallagher said, “The commencement and finalisation of negotiations for the Mining Convention is an important preconstruction milestone for the Minim Martap Project. This is the culmination of the last 3 years of work since being granted the Project. Over this period of time, the Canyon and Camalco teams have achieved an enormous amount, including identifying a JORC compliant 1 billion tonne reserve and a very high grade 100 million tonnes proven reserve, along with the completion of the ESIA and logistical studies.”

“I am very proud of our team and the high quality of work completed on the Minim Martap Project. Completing a Mining Convention this year would be a great result over what has been a very hard year with global COVID-19 restrictions.”

Besides the Mining Convention negotiations, final presentations are being made to villagers throughout the Minim Martap Project area regarding the outcomes of the completed environmental and social studies for the project.

Canyon’s local subsidiary, Camalco Cameroon S.A. and the Ministry of Environment, Nature Protection and Sustainable Development are hosting “town hall” style forums in 6 local villages and cities throughout the Project area. The meetings are being held at Ngaoundere, Tibati, Belabo, Ngaoundal, Minim and Martap and occur daily for 5 days in each location.

The presentations are an opportunity for people living in the area to ask questions and gain a better understanding of the timing of the commencement of construction of the Project and expected impacts on the local communities.